Malaysia’s Serba Dinamik Holdings Bhd is looking to raise up to 232.9 million ringgit ($53.45 million) by selling new shares to reduce gearing and for general working capital requirements, according to a term sheet seen by Reuters.
The firm, which provides engineering solutions for the oil and gas and power generation industries, is offering more than 153 million new shares, equivalent to 5% of its existing outstanding shares, priced at a discount between 1.49-1.52 ringgit per share.
At that range, the company will raise between 228.3 million ringgit and 232.9 million ringgit. Bookbuilding began on Thursday, the document showed.
Serba Dinamik did not immediately respond to a request for comment.
Affin Hwang Investment Bank, CIMB Investment Bank and Credit Suisse are the appointed bankers for the share placement exercise.